Transfer house into joint names - how to do it?

travel_freak

Hi,

I'm trying to help some friends transfer a house into their joint names. It is currently in one person's name. the mortgage is soon to be paid off (wish I was in that happy position, but sadly not!!) and then they'd like to transfer into joint names.

Please does anyone know how to arrange this and which forms to use - any links gratefully received.

The market value is under the newly revised stamp duty threshold so does this mean no stamp duty would be charged?

Many thx in advance for any advice.

Kind regards

ad9898_3

Hi, you will have to tell them to see a solicitor, so as not get the bank involved it is best to wait until the mortgage has been sorted but a solicitor will sort out all the paperwork for them

Richard_Webster

A gift of a half share is just that and does not attract SDLT (Stamp Duty Land Tax).

More complicated if you want to do it while there is a mortgage still on the property and the lender would insist on a solicitor being used to protect its interest in the matter.

There have been other posters on threads on this forum who have managed to complete the necessary forms and send them to the Land Registry. Go to the official (gov.uk) Land Registry website and find the District land Registry for the area, phone ehtier enquiries section,and they will explain what is needed and you should be able to download the forms.

Many will be perfectly capable of doing it all themselves, but there can be pitfalls and what is simple from my point of view as a solicitor, may not be to a lay person, so you might want to use a solicitor. I would think the charge for the work and the Land Registry Fees should be in the £300-£400 bracket.

travel_freak

Hi,

I now have what I hope are all the correct forms, so a step further in the right direction!

Please can anyone who has successfully done this themselves help me on what wording to put in on the Transfer form?

Question 9 on the transfer am I correct in that I just tick the box next to "The transfer is not for money or anything which has a monetary value"? Or do I need to tick the blank box and write in "in consideration of natural love and affection".

I'm not sure which is correct and what the difference is as both mean that no money has been paid for the share of the property.

Also please can anyone tell me how to complete the question about whether the Transferor transfers with "full title guarantee"?

Many thanks in advance.

GDB2222

I know the answers to these questions, but I am not prepared to take on the responsibility of replying (despite what's in my sig). These are very basic questions, and whilst it's a good idea to ask them, it concerns me that there may be other questions that are not being asked.

I suggest that you either hire a professional or, at the very very least, read a book on DIY conveyancing.

travel_freak

Hi,

Thanks for your reply - I'm not sure what you mean by "other questions which aren't being asked".

I'm trying to help some friends who don't want to/ can't afford to "hire a professional". I've just been speaking to the land registry who tell me they have a set of guidance notes they are able to send me in the post which aren't available online so maybe these will help but thanks anyway.

GDB2222

travel_freak wrote: »

I'm not sure what you mean by "other questions which aren't being asked".

That was my point, precisely.

Seriously, although this is probably the simplest property transaction possible, you should surely be prepared to spend a few Pounds on a book? Also, you should be thinking not just about the 'how' but about the 'why'. You are doing this for friends, but you are putting yourself in the firing line if you do mess it up or if it turns out to be a bad idea in the first place.

Presumably, the mortgage is being discharged first?

smitchy73

HI there,
Myself and my wife are currently in the process of carrying out this exact thing, if there is a mortgage on the property they have to advise the lender of this, you have to be credit checked to make sure you're not a risk, because when they two names are on it, both are reponsible I believe.
We also had to pay a fee to the lender and pay for our solicitor to check the deeds and add our name onto them, the bank don't do this, it's our solicitor, plus the deeds have to be released to the solicitor who in turn has to request them, like the previous person said you become in the firing line if something is missed and you're at fault!!
BTW i'm in Scotland, so I don't know if our system is different to yours in this case.
We're doing it to release equity to build an extension as mortgage was only in wife's name.
Good luck